XML 35 R21.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Note 13 - Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2016
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | NOTE 1 3 INCOME TAXES The components of current and deferred federal and state income tax (benefit) expense for continuing operations for the years ended December 31, consisted of the following (in thousands):
|  | 2016 |  |  | 2015 |
Federal income tax expense - current |  | $ | 9 |  |  | $ | 116 |
Federal income tax (benefit) expense - deferred |  |  | (2,657 | ) |  |  | 142 |
State income tax expense - current |  |  | 59 |  |  |  | 9 |
State income tax (benefit) expense - deferred |  |  | (405 | ) |  |  | 276 |
Total income tax (benefit) expense |  | $ | (2,994 | ) |  | $ | 543 |
We had temporary differences and net operating loss carry forwards from both our continuing and discontinued operations, which gave rise to deferred tax assets and liabilities at December 31, 2016 and 2015 as follows (in thousands):
|  | 2016 |  |  | 2015 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses |  | $ | 7,288 |  |  | $ | 4,566 |
Environmental and closure reserves |  |  | 3,189 |  |  |  | 2,497 |
Other |  |  | 2,285 |  |  |  | 2,800 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | (162 | ) |  |  | (1,130 | )
Goodwill and indefinite lived intangible assets |  |  | (2,362 | ) |  |  | (5,443 | )
Prepaid expenses |  |  | (72 | ) |  |  | (122 | )
|  |  | 10,166 |  |  |  | 3,168 |
Valuation allowance |  |  | (12,528 | ) |  |  | (8,592 | )
Net deferred income tax liabilities |  |  | (2,362 | ) |  |  | (5,424 | )
An overall reconciliation between the expected tax (benefit) expense using the federal statutory rate of 34% and the (benefit) expense for income taxes from continuing operations as reported in the accompanying Consolidated Statement of Operations is provided below (in thousands).
|  | 2016 |  |  | 2015 |
Tax (benefit) expense at statutory rate |  | $ | (5,527 | ) |  | $ | 166 |
State tax benefit, net of federal benefit |  |  | (785 | ) |  |  | (93 | )
Change in deferred tax rates |  |  | (82 | ) |  |  | 208 |
Permanent items |  |  | 119 |  |  |  | 84 |
Difference in foreign rate |  |  | 98 |  |  |  | 40 |
Change in deferred tax liabilities |  |  | (260 | ) |  |  | 206 |
Other |  |  | (241 | ) |  |  | (124 | )
Increase in valuation allowance |  |  | 3,684 |  |  |  | 56 |
Income tax (benefit) expense |  | $ | (2,994 | ) |  | $ | 543 |
The provision for income taxes is determined in accordance with ASC 740, “Income Taxes.” Deferred income tax assets and liabilities are recognized for future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company regularly assesses the likelihood that the deferred tax asset will be recovered from future taxable income. The Company considers projected future taxable income and ongoing tax planning strategies, then records a valuation allowance to reduce the carrying value of the net deferred income taxes to an amount that is more likely than not to be realized. In 2016 and 2015, we determined that it was more likely than not that approximately $12,528,000 and $8,592,000, respectively, of deferred income tax assets would not be realized, and as such, a full valuation allowance was applied against those deferred income tax assets. Our valuation allowance increased by $3,684,000 and $56,000 for the years ended December 31, 2016 and 2015, respectively. We have estimated net operating loss carryforwards (“NOLs”) for federal and state income tax purposes of approximately $10,372,000 and $65,658,000, respectively, as of December 31, 2016. The estimated consoliated federal and state NOLs include approximately $3,259,000 and $4,179,000, respectively, of our majority-owned subsidiary, PF Medical, which is not part of our consolidated group for tax purposes. These net operating losses can be carried forward and applied against future taxable income, if any, and expire in various amounts starting in 2021. However, as a result of various stock offerings and certain acquisitions, which in the aggregate constitute a change in control, the use of these NOLs will be limited under the provisions of Section 382 of the Internal Revenue Code of 1986, as amended. Additionally, NOLs may be further limited under the provisions of Treasury Regulation 1.1502 - 21 regarding Separate Return Limitation Years. The tax years 2013 through 2015 remain open to examination by taxing authorities in the jurisdictions in which the Company operates. No uncertain tax positions were identified by the Company for the years currently open under statute of limitations, including 2015 and 2016. As of December 31, 2016 and 2015, the Company had approximately $0 and $32,000 of federal income tax payable, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration